Developer secures £13m financing facility to deliver city centre scheme
International developer Far East Consortium (FEC) has secured new financial backing from The Bank of East Asia to support the delivery of New Cross Central in Manchester.
FEC’s Manchester-based team has secured a £13m finance facility via the bank’s UK branch, with enabling works under way for the 80-home development which will include a mix of high quality new one- and two-bed apartments, as well as nine three-bed townhouses.
The deal represents The Bank of East Asia’s first development project with Far East Consortium in Manchester, having previously supported FEC projects in other parts of the UK.
Once complete, New Cross Central will form the lead residential development within New Cross – one of seven neighbourhoods being brought forward as part of FEC and Manchester City Council’s £4bn Victoria North regeneration project.
Plans for the future evolution of New Cross involve a network of green spaces and pedestrian routes, linking future residential schemes around Rochdale Road to Angel Meadow Park and MeadowSide – FEC’s under-construction residential scheme which includes The Gate & Stile and Mount Yard.
New Cross Central was designed by architects Hawkins\Brown and was granted planning permission in 2020.
DEX Construction Group began enabling works earlier this year. The development, which is bounded by Addington Street, Cross Keys Street, Marshall Street and Chadderton Street, is expected to complete in late 2022.
Chris Cheung, UK group financial controller at FEC, said: “We’re extremely pleased to be able to extend our relationship with The Bank of East Asia as we begin to see early progress at New Cross Central.
“Their knowledge of FEC and our team locally makes them an ideal partner for one of our first developments in Manchester.
“We have ambitious plans to create more than 15,000 new homes over the next two decades as part of Victoria North and look forward to working with a diverse range of funding partners who will help us to deliver these exciting new neighbourhoods for the city.”